Indowind to set up 28 MW windfarms, to invest Rs 120 cr

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Indowind to set up 28 MW windfarms, to invest Rs 120 cr

Wind energy firm Indowind today said it is planning to set up 28 mega watt windfarms with an investment of Rs 120 crore, taking its total capacity to 71.92 MW by March 2012.

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Wind energy firm Indowind said it is planning to set up 28 mega watt windfarms with an investment of Rs 120 crore, taking its total capacity to 71.92 MW by March 2012.

"We are in the process of setting of 28 MW windfarms in Karnataka and Tamil Nadu inculcating an investment of Rs 120 crore," Indowind Chairman K V Bala told reporters here.

Indowind''s current capacity is 43.92 MW from its 15 projects spread across Karnataka and Tamil Nadu.

The company will fund the new windfarms through money which was raised through GDRs and USD 25 million loan from Exim Bank, he said.

After this project, the company''s income from carbon credits will go up to Rs 6-7 crore compared to the expected Rs 3 crore in this fiscal, he said adding that this will increase the profits by 13-14 per cent in FY 13.

The company has also set up another subsidiary, IndEco, to set up 5 MW solar power plant in Patan district of Gujarat.

"We are in looking out for investment partners for the solar power project," he said.

The company has already filed DRHP with the regulator for the issue size of Rs 105 crore to raise funds fro the project.

IndEco is likely to hit the capital market by December, he said.